News
Egar Technology secures $2.5 million in new funding
Egar Technology, a risk management systems vendor set up to hedge funds, banks and commodity risk managers, has secured $1.5 million in funding from World Bank private sector investment arm, the International Finance Corporation (IFC), and $1 million…
Op risk loss exercise gets good response ahead of QIS 3
BASEL, SWITZERLAND - Global banking regulators said there was a good response from banks to the operational loss data collection exercise that the regulators launched in June to help them refine the op risk aspects of the Basel II bank accord aimed at…
WRMA adds to Asian presence
The Weather Risk Management Association (WRMA), the Washington DC-based trade association for the weather derivatives market, has added Hiroshi Matsui of Mizuho corporate bank to its board of directors, and named Hironori Kamezawa of The Bank of Tokyo…
Moneyline Telerate removes Tullett swaps data
Moneyline Telerate, the provider of real-time capital markets information, is removing Tullett & Tokyo Liberty’s benchmark US dollar rate swaps information from its treasury and swaps information service - known as page 19901 - on September 20, according…
Icap signs letter of intent to buy out APB
The world’s largest inter-dealer broker, Icap, has entered preliminary agreement to buy out privately owned Kentucky-based energy broker APB Energy. APB brokers gas, electricity, weather and coal derivatives on its online platform, True Quote, and…
BNP Paribas beefs up Asia credit derivatives team
French bank BNP Paribas is beefing up its credit derivatives team with new hires and transfers from its London office, according to Stéphane Delacote, head of Asian credit derivatives.
HSBC sets up NY prop desk
The UK's HSBC has set up a proprieatry foreign exchange trading desk in New York to be run by Dominic Larche.
Bank regulators to discuss how Basel II applies outside G-10
BASEL, SWITZERLAND – Banking supervisors from around the world are meeting next week in South Africa and a major item on their agenda will be how and to what extent the complex Basel II bank accord could be implemented in countries outside the leading…
Bayerische Landesbank to use Algo for cross-product margining
Bayerische Landesbank (BayernLB), 50% owned by the Association of Bavarian Savings Banks with the remainder held by the Bavarian regional government, plans to implement Algo Collateral for all its cross-margining by March next year.
FOA updates end-user derivatives guidelines
UK trade body the Futures and Options Association (FOA) yesterday launched updated guidelines for derivatives end-users, which take into account electronic trading and the past year’s big US corporate failures.
France Telecom credit protection trades actively
A raft of new developments related to struggling France Telecom caused a marked increase in volatility and turnover in its credit derivatives, as traders attempted to digest both facts and speculation. Traders saw both a significant number of buyers were…
Bank regulators to discuss how Basel II applies outside G-10
Banking supervisors from around the world are meeting next week in South Africa with a major item on their agenda regarding how and to what extent the complex Basel II bank accord could be implemented in countries outside the leading economies.
SG launches 'gemstone' series in Asia
AA-rated Lyxor Asset Management, the Luxembourg-based 'fund factory' of French bank SG that offers credit-enhanced management of funds, has introduced the first of its 'gemstone' series of funds in Hong Kong, called Sapphire Guaranteed Fund.
Japanese credit spreads resilient despite poor equity market
Japanese credit default swaps remained surprisingly resilient this week, despite continued weakness in stock markets and negative corporate news, dealers said. They added that trading remained within a tight range throughout the week, brushing off, or…
IntesaBci pulls back from credit derivatives; overhauls risk
Italy’s largest bank, IntesaBci, plans to downsize its credit derivatives business as part of a dramatic restructuring of its business.
More information on credit risk transfer needed, says IMF’s Häusler
Gerd Häusler, director of the international capital markets department at the International Monetary Fund (IMF), today highlighted that too little is known about where credit risk ultimately resides in the financial system.
Deutsche launches first synthetic CDO managed by Asian asset manager
Deutsche Bank has launched a $1.33 billion synthetic collateralised debt obligation (CDO) that will be managed by an Asian asset manager for the first time.
More information on credit risk transfer needed, says IMF’s Häusler
Gerd Häusler, director of the international capital markets department at the International Monetary Fund (IMF), today highlighted that too little is known about where credit risk ultimately resides in the financial system.
iBoxx to launch new European bond market ‘liquid indices’
IBoxx, a joint venture between seven investment banks and Deutsche Börse set up to create bond indexes, will introduce 25 ‘liquid indices’ in October. These will form the basis for exchange-traded and over-the-counter derivatives, as well as exchange…
JP Morgan Chase appoints equity derivatives co-head in Asia
JP Morgan Chase has appointed Andrew Cooper as co-head of its Asia-Pacific equity capital and derivatives markets (ECDM) division, a position he will share with the incumbent Nick Andrews.
Prince to head global investment at Citi, while Weill apologises
Charles Prince has been appointed chairman and chief executive of the global corporate and investment bank (GCIB) of Citigroup. His risk management responsibility will be assumed by Robert Willumstad.
CSFB reorganises derivatives structuring teams in Asia
Credit Suisse First Boston (CSFB) has reorganised its derivatives structuring teams in Asia in an effort to more closely integrate all areas of the business. As part of the move, the various derivatives structuring groups will now report to a single head…
Lull in credit derivatives volumes on September 11 anniversary
European credit derivatives volumes are seeing minimal trading today, the first anniversary of the terrorist attacks in the US.
Quality regulation is key for credit derivatives development, say bankers
Effective regulation emerged as a key theme for the development of the credit derivatives industry, according to an industry discussion forum hosted by inter-dealer broker CreditTrade in London last night.